What does surety bond mean?
Definitions for surety bond
surety bond
This dictionary definitions page includes all the possible meanings, example usage and translations of the word surety bond.
Princeton's WordNet
performance bond, surety bondnoun
a bond given to protect the recipient against loss in case the terms of a contract are not filled; a surety company assumes liability for nonperformance
Wiktionary
surety bondnoun
A bond issued by one party, the surety, guaranteeing that he will perform certain acts promised by another or pay a stipulated sum, up to the bond limit, in lieu of performance, should the principle fail to perform.
surety bondnoun
In a criminal case, the surety (or bail) bond assures the appearance of the defendant or the repayment of bail forfeited upon the defendant's failure to appear in court.
ChatGPT
surety bond
A surety bond is a legally binding agreement that ensures obligations will be met between three parties: the principal (the person who needs the bond), the obligee (the person who requires the bond), and the surety (the entity providing the bond). The surety provides financial assurance to the obligee that the principal will fulfill their contractual obligations. If the principal fails to meet these obligations, the surety will cover the loss up to the bond's penalty amount.
Wikidata
Surety bond
A surety bond or surety is a promise to pay one party a certain amount if a second party fails to meet some obligation, such as fulfilling the terms of a contract. The surety bond protects the obligee against losses resulting from the principal's failure to meet the obligation.
Matched Categories
Numerology
Chaldean Numerology
The numerical value of surety bond in Chaldean Numerology is: 3
Pythagorean Numerology
The numerical value of surety bond in Pythagorean Numerology is: 8
Translations for surety bond
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"surety bond." Definitions.net. STANDS4 LLC, 2024. Web. 26 Apr. 2024. <https://www.definitions.net/definition/surety+bond>.
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